VANCOUVER, March 1, 2012 /CNW/ - Finavera Wind Energy Inc. ("Finavera" or the "Company") (TSX-V: FVR) is pleased to announce the British Columbia Environmental Assessment Office ("EAO") has completed its review of the 47 megawatt Tumbler Ridge Wind Energy Project. The Application has now been referred to the Minister of Environment and Minister of Energy and Mines for a decision on the award of an Environmental Assessment Certificate ("EAC"). The Ministers have up to 45 days to assess the application and issue a decision.
Finavera Wind Energy President and COO Peter Leighton said, "The Tumbler Ridge application is the result of several years of environmental studies, First Nations and community consultation, and detailed analysis of potential impacts. The review process with the Environmental Assessment Office is now complete and we look forward to a positive decision from the provincial government. Finavera is confident the project can be built with minimal environmental impacts and would deliver clean, renewable electricity to British Columbians. An Environmental Assessment Certificate, combined with a long term power purchase agreement with BC Hydro that is already in place, would allow the project to move forward towards construction in late 2012."
Wildmare and Meikle Update
Progress continues to be made on the Environmental Assessment Applications for the Wildmare and Meikle projects. The 77 MW Wildmare Wind Energy Project is on track to advance in the application review process. Additional information was required for the Wildmare Project by the EAO which is similar in nature to the additional information that was submitted for the Tumbler Ridge Application. A process with the EAO was agreed upon whereby the Tumbler Ridge Application would form a template for the Wildmare Project EAC application. This approach is therefore expected to result in a more efficient assessment of the Wildmare Project's application. The Company continues to work diligently to provide the remaining information to the EAO.
The 117 MW Meikle Wind Energy Project is awaiting final submission into the Environmental Assessment Application review process. The Application includes detailed descriptions of the project, summaries of the studies conducted to assess baseline conditions, and an extensive analysis of potential direct and cumulative impacts relating to the construction and operation of the project. The Company is working with its environmental consultants and the EAO to determine the most appropriate timing for the submission of the Application.
Jason Bak, CEO
About Finavera Wind Energy Inc. (www.finavera.com)
Finavera Wind Energy is a wind energy development company focused on developing, constructing, and operating wind farms in North America and Ireland. Our mission is to create and operate a viable renewable energy business while protecting and enhancing the physical and social environment. In British Columbia, Canada, projects totaling 301 MW have been awarded 25 year Electricity Purchase Agreements. In Ireland, the Company has signed a co-development agreement with SSE plc and Coillte Teoranta (the Irish Forestry Board) for the development and construction of Ireland's largest wind farm, the 105MW Cloosh Valley Wind Project. Data collection and environmental studies have also been continuing at a number of prospective sites in Canada and the United States.
Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute Forward-looking statements. The words "would", "will", "expected" and "estimated" or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory and political competitive developments and technological or operational difficulties. Consequently, actual results may vary materially from those described in the forward-looking statements.
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